BlackRock is preparing a deeper move into tokenized money-market funds, aiming directly at investors and issuers that hold cash in stablecoins rather than traditional bank or brokerage accounts.
The firm has filed a DLT Shares prospectus with the SEC, creating a digital-ledger share class for Treasury Trust Fund under BlackRock Liquidity Funds. The filing says the fund itself will not hold crypto assets, but DLT Shares are expected to be purchased and held through BNY, which intends to use blockchain technology to maintain a mirror record of share ownership for customers.
Separate coverage of BlackRock’s latest stablecoin-facing filings says the asset manager is also preparing digital shares tied to the roughly $6.1 billion BlackRock Select Treasury Based Liquidity Fund, with the tokenized shares planned for Ethereum. The same coverage identified a second product, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, as a new tokenized money-market fund designed for investors using crypto wallets and stablecoins across multiple blockchains.
The underlying cash-management logic is clear. The Select Treasury Based Liquidity Fund invests 100% of its assets in cash, U.S. Treasury bills, notes, other Treasury obligations with maturities of 93 days or less, and overnight repurchase agreements backed by Treasury instruments. BlackRock listed the fund’s NAV at $1.00 and its 7-day SEC yield at 3.49% as of May 8.
The new filing push builds on BlackRock’s existing tokenized fund strategy. The BlackRock USD Institutional Digital Liquidity Fund, better known as BUIDL, has already become one of the largest tokenized Treasury products in the market. RWA.xyz placed BUIDL’s total asset value near $2.42 billion, with a $1.00 NAV and a 7-day APY near 3.45%.
BUIDL’s growth has made tokenized Treasuries one of the strongest institutional RWA categories. It has also turned BlackRock into a central player in the debate over whether stablecoin reserves should be allowed to hold tokenized money-market instruments at scale. Recent BlackRock reserve-cap pushback showed how important that regulatory question has become for the next phase of onchain cash management.
The commercial opportunity is large. RWA.xyz’s broader market dashboard placed total stablecoin value near $299 billion, creating a massive pool of digital cash that still needs reserve assets, redemption liquidity, collateral rails, and compliant settlement infrastructure. Tokenized money-market funds offer a way to route Treasury-backed yield through blockchain-adjacent rails while keeping the underlying exposure inside a regulated fund wrapper.
The pitch is not only yield. Tokenized fund shares can support faster transferability, cleaner collateral movement, and better integration with wallets, exchanges, custodians, and DeFi-adjacent infrastructure. For stablecoin issuers and crypto-native institutions, that can reduce the gap between offchain reserve assets and onchain liabilities.
Those benefits still come with restrictions. Tokenized fund shares are securities, not open retail stablecoins. The SEC filing for BlackRock’s DLT Shares includes a $3 million minimum initial investment for institutions, no subsequent minimum, U.S.-only registration limits, BNY purchase and redemption procedures, identity verification, and blockchain-technology risk disclosures.
That structure keeps the product far away from a simple “wallet yield for everyone” model. Investor eligibility, transfer-agent controls, wallet permissions, custody rules, sanctions screening, and regulatory approval all shape who can hold or move the shares. A strong RWA risk framework remains essential because tokenization changes settlement mechanics, not the legal and liquidity obligations behind the asset.
BlackRock’s move lands as U.S. stablecoin policy is tightening around reserve quality, yield, and permitted assets. If the new products clear the required process, the firm would add another regulated bridge between stablecoin liquidity and Treasury-backed cash instruments. The pressure now shifts to rulemaking and adoption: whether issuers, wallet users, and institutional desks can use tokenized money-market funds as reserve and collateral infrastructure without regulators treating the same products as a loophole around banking, custody, and stablecoin-yield limits.
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